LINKUSD Possible Rising Wedge Forming 4HR

We seem to have a rising wedge forming on LINK's 4 HR chart.
This is meant to be a bearish pattern, so we will be waiting for a downside break of the pattern BEFORE entry.
However, we can build a basic plan here.

The pattern covers about $3.797 or ~51% of the current price, multiplied by our chances of reaching the target point (0.63 or 63%) we get:

Entry: AFTER a solid break of the bottom of the pattern. OR after one full bar has opened and closed beyond the pattern (full confirm)
TP ~2.393$ from break point
SL: Previous swing high, we currently assume it to be ~12.11 or the top of our pattern for this current up move.

IF we break the current resistance between 12.13$-12.35$ then this pattern is invalidated or 'busted'

Pattern info: thepatternsite.com/risewedge.html

Comentário:

This will be our decision point. Whether the rising wedge plays out, or the 1HR bull flags currently all over Tview and twitter.

Only time will tell.

Comentário:

Hasn't been a convincing breakout yet, will wait and see if this is a fakeout first. However it looks like the bull flag version may play out. Will update as we go

Comentário:

Personally I will be using $13.15-13.20 as my invalidation point, below that this could just be a head-fake before the proper move. Anything above that and I will be cancelling this setup and waiting for the next pattern.

Comentário:

So far our upward move seems to have been a fakeout. I will still continue updating this as it plays out, but pattern is still valid so far.

Comentário:

Stop orders set to enter after break.